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S&P starts Canadian stock index defined by Islamic law

The Canadian Press

Toronto — Standard & Poor's is launching an index of large Canadian stocks with criteria defined by Islamic law — no companies with businesses in financial services, entertainment, alcohol, pork-related products or tobacco.

The index operator said Wednesday the Shariah-compliant version of the S&P/TSX 60 “will create new opportunities for Islamic investors to benchmark their Canadian investments, and for asset managers to create new investment products serving the Islamic community.”

The S&P/TSX 60 Shariah index joins Standard & Poor's Shariah-compliant indexes in 51 other markets, including the S&P 500 Shariah, S&P Europe 350 Shariah, S&P Japan 500 Shariah and S&P CNX Nifty (Indian market) Shariah.

The index's top holdings are:

EnCana Corp. (12%);

Research In Motion Ltd. (12%);

Potash Corp. (9%);

Barrick Gold Corp. (9%);

Suncor Energy Inc. (8%);

Goldcorp. Inc. (7%);

Petro-Canada (5%);

Talisman Energy Inc. (4%);

Canadian Oil Sands Trust (3%);

Cameco Corp. (3%).

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